AIO Survey_

AIO Survey

• AIO (Activities, Interests, and Opinions) Survey: Used by market researchers to build consumer profiles evaluating:

  • Activities: Daily habits or routines of customers.

  • Interests: Passions and driving motivations behind consumer behavior.

  • Opinions: Views on topics, products, or services relevant to the market.

Target Market Role Players in Biopharmaceuticals

• Key Role Players:

  • Doctors and Specialists: Influence which products are prescribed based on their habits.

  • Medical Aids/Insurance: Determine accessibility of treatments and products.

  • Pharmacists and Nurses: Guide customers in their choices of medications and treatments.

  • OTC Businesses and Everyday Customers: Involved in the purchase of over-the-counter medications and wellness products.

Competitor Analysis

• Importance of Competitor Analysis:

  • Ensures market gap is filled by analyzing competitor presence.

• Steps in Competitor Analysis:

  1. Total Market: Assess the overall market and customer segments occupied by existing products.

  2. Direct Competitors: Identify direct competitors and understand their offerings and performance.

  3. Substitutes & Alternatives: Research substitute products that meet similar needs.

  4. Product Features & Benefits: Compare product features to identify unique selling points.

  5. Pricing: Analyze price points against competitors including unit or dosage pricing.

  6. Competitor Activities: Monitor marketing efforts, product launches, and changes in the market.

Pricing Strategy in Business

• Factors Influencing Product Pricing:

  1. Company Policy: Aligns pricing with strategic goals.

     • Market Penetration: Low pricing to quickly capture market share.

     • Profitability: Premium pricing to deliver quality and value.

     • Competitive Positioning: Price alignment with competitors to remain competitive.

  2. Exchange Rates: Affects pricing for global companies based on currency fluctuations.

  3. Marketplace Price and Product Positioning: Prices reflect perceived value in comparison to competitors.

  4. Regulating Authorities: Influence through cost-effectiveness analyses in pharmaceuticals.

Why Do We Need Different Pricing Strategies?

• Pricing Objectives:

  1. Earning Targeted ROI: Set ROI targets to ensure profitability (e.g., 10% ROI in the first year).

  2. Maximizing Profits: Aim for highest revenue through price adjustments or cost management.

  3. Value Communication: Price communicates perceived value, impacting brand image.

Types of Discounts

• Purpose of Discounts:

  1. Maximizing Sales: Short-term revenue generation through discounts.

  2. Maximizing Market Share: Lowered prices to capture larger market segments, potentially sacrificing profits.

  3. Maintaining Status Quo: Price adjustments to stay competitive.

• Examples of Discounts:

  • Quantity Discounts: Reduced prices for bulk purchases.

  • Seasonal Discounts: Price reductions during specific times to encourage sales.

  • Cash Discounts: Lower prices for early payments.

Application of Pricing Strategies

• Pricing Strategy Consideration:

  • A new drug may utilize market penetration pricing; set ROI objectives; adapt to regulatory pricing constraints.

SWOT Analysis

• Purpose: Evaluate internal and external environments to make informed decisions.

• Key Components:

  1. Internal Factors:

     • Strengths: Competitive advantages (e.g., skilled workforce).

     • Weaknesses: Areas for improvement (e.g., poor customer service).

  2. External Factors:

     • Opportunities: Exploitable external trends (e.g., emerging market demand).

     • Threats: External challenges (e.g., economic downturns).

Key Takeaways from SWOT Analysis

• Helps identify target market segments, product positioning, and achievable objectives.

• Aligns strengths with opportunities for effective strategy development and prioritization of tactics.

Product Strategy Overview

• A detailed plan to ensure market success focused on customer benefits and addressing needs.

• Key Elements:

  1. Selling Solutions: Address customer challenges rather than just pushing products.

  2. Explosion of Product Options: Customized therapies for diverse patient needs.

  3. Product Configuration: Tailored products to create additional value.

Becoming a Product Expert

• Expertise Categories:

  1. Product Development: Continuous improvement focus.

  2. Performance Data: Knowledge of product specifications and efficacy.

  3. Maintenance and Service: Handling post-sale support.

  4. Pricing and Delivery: Efficient logistics and pricing strategies.

• Sources of Knowledge: Include literature, client feedback, and real-world use.

Sales Presentations and Creating Value**

• Successful presentations translate features into benefits for the customer.

• Effective techniques include using bridge statements and avoiding information overload.

Key Takeaways**

• Focus on understanding customer needs to deliver tailored solutions.

• Develop product and company expertise to effectively communicate value during interactions.